Fears over global growth dominate sentiment

LONDON — European stocks turned positive on Wednesday morning despite more mixed sentiment in global markets, with fears persisting over the global growth outlook.

The pan-European Stoxx 600 index was trading 0.1% lower in early deals but later turned positive to trade 0.7% higher with all sectors in positive territory.

Investors are also watching the halting of Russian gas supplies to Poland and Bulgaria closely after Gazprom told both countries that it was halting supplies because they had refused to pay for the gas in rubles, as Moscow demanded recently. The move pushed European gas prices higher and the euro lower.

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Heightened tensions over the Russia-Ukraine war persist. On Monday, Russia said that the threat of a nuclear war is very significant, with Foreign Minister Sergey Lavrov stressing the risks should not be underestimated. U.S. Defense Secretary Lloyd Austin responded by calling the nuclear war rhetoric “very dangerous and unhelpful.”

Other earnings are due from Puma, ST Micro, GSK, Persimmon and WPP. On the data front, French and German consumer confidence figures are due for April and May, respectively.

— CNBC’s Silvia Amaro contributed reporting to this market report.

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